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Dr. Greg Segment Summary

Revolution in Information Technology Means the “Little Guy” Can Now Compete with the “Big Dogs”

Dr. Greg Ketchum, 03/18/06

A recent NY Times story highlighted a revolution that represents a titanic shift in the business world. What revolution am I talking about? Well, it’s now possible for the “little guy” in business to compete with the “big guys & gals” due to the availability and low cost of information technology like the web, email, search engines, and web-based software programs. The Times calls this revolution the “democratization of information technology.”

Formerly the adoption of new technology worked on a “trickle down” basis meaning that big companies were the only ones that could afford costly new IT. The “little guys” had access to it only after the big guys had reaped the benefits of having it first.

This technological revolution is having its largest impact on small businesses, those companies with fewer than 500 employees, which represent a huge market. To see what I mean take a look at these figures.

Small businesses account for…

  1. Half the nation’s economic output

  2. 60 to 80 percent of all new jobs

Historically, large companies ignored the small business market, focusing instead on the Fortune 500. However, now even large companies like IBM are going after the small business market by offering web-based software services such as spam & virus scanning for email for as little as $2 per employee per month.

If you’re thinking about starting your own business there has never been a better time. You’re no longer restricted by geography and you don’t need to put out a lot of cash for expensive office space. The “virtual” company with “affiliates” in widespread locations linked together by the web is the new business model.

It’s also a good time to go after the booming small business market as that segment now leads in spending on information technology. Take a look at these figures.

Small & medium sized businesses…

  1. Represent half of all spending on hardware, software and services in the US

  2. Their spending grew 35% faster than the overall market last year.

Finally, here’s a million dollar tip for you. Think about starting a business that caters to people who want to start a small business. It’s a huge market that will continue to grow with the boomer generation retiring and moving on to pursue long held dreams like, you got it, starting their own business.

For more information and a list of references go to talentplanet.com and click on Dr. Greg. Have a great morning.

References

®2006 Gregory A. Ketchum, Ph.D. All rights reserved.

  
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Dr. Greg is the “KRON 4 (San Francisco) Workplace and Career Expert”

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